On the 23 of January the Italian index touched its upper trend line completing intermediate wave (E) of Primary wave B (circle) triangle. This triangle pattern has been under construction since the low of 2009 and is now complete. This touching of this upper trend line also coincided the the Nasdaq composite and the Nasdaq 100 touching the upper trend line of their trend channels completing their fifth waves within the same week. Most of the global indexes have all completed their fifth waves and have been in throw overs of their trend channels some since December last year causing fifth wave extensions in the DJI & S&P indexes. If the markets have been waiting for the Nasdaq indexes to reach their upper trend lines and fifth waves completed across all major indexes the stage should now be now be set for a major collapse across the global.
Indexes that have completed five waves and have touched the upper trend line of their trend channels theres a list of stocks and ETFs the trended inside parallel channels but I won't put them here.
DJT, NAST, DJI, US30, SPX, S&P500, IXIC, NASDAQ100, RUT, UK100, IN50USD.
Ralph Nelson Elliott noted that parallel trend channels typically mark the upper and lower boundaries of impulse waves, often with dramatic precision. Analyst should draw them as soon as possible to determine the end of a trend.
Indexes that have completed five waves and have touched the upper trend line of their trend channels theres a list of stocks and ETFs the trended inside parallel channels but I won't put them here.
DJT, NAST, DJI, US30, SPX, S&P500, IXIC, NASDAQ100, RUT, UK100, IN50USD.
Ralph Nelson Elliott noted that parallel trend channels typically mark the upper and lower boundaries of impulse waves, often with dramatic precision. Analyst should draw them as soon as possible to determine the end of a trend.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.